Sunday, September 18th, 2022
The UK Finance Fraud Report 2022 is an annual publication that provides insight into the fraud landscape in the UK. It covers various topics, including fraud trends, fraud volumes and rates, and scams. This report also provides information on how businesses can protect themselves from fraud and advice for consumers on how to avoid becoming victims of scams.
What Does the Report Cover?
The Annual Fraud Report 2022 by UK Finance was published in August 2022. The report covers a range of payment fraud, including
- Credit card fraud – this includes card, not present (CNP) transactions where no funds change hands between the merchant and customer or where credit card details are stolen from another source and used for online marketing;
- Online banking – this includes attacks where personal information is obtained through phishing emails, e-wallet UK, or websites; and
- Bank transfer includes transfers that go through automated clearing houses (ACH) systems such as Faster Payments Service (FPS).
Why the Report Matters for Businesses
Payment fraud is an area of the financial services industry that has received increased attention over the last five years. It is a serious problem that costs businesses and consumers billions of pounds each year.
Payment fraud is when criminals steal money or other assets by using fraudsters in the supply chain to obtain payment details. The criminals then use this information to make payments or pay for other goods and services. The victim of payment fraud loses money and often has no way of recovering it.
The Annual Fraud Report 2022 by UK Finance is a valuable resource for businesses. It provides an overview of fraud activity and trends and analyses the impact on business operations. The report also highlights how companies can remain protected from financial crime by adopting a robust approach to security management.
The Annual Fraud Report 2022 is free on UK Finance’s website. It includes an analysis of fraud trends, data on reported fraud, and recommendations for best practices across sectors.